The mission of Bitlumens is to bring off grid electricity from renewable sources such as mini grid and solar home systems in areas that are not connected to the power grid, leveraging on Internet of Things (IoT) and the Blockchain. By combining the best of emerging technologies, Bitlumens is an innovative company that has potential to transform the lives of over a billion people in developing nations.
What does Bitlumens do?
BitLumens is building a decentralized, blockchain-based micro power-grid for the 1.2 billion people without access to electricity and banking.
Bitlumens distributes its solar hardware, i.e. either mini grids or solar home systems through a dedicated group of agents that first collect Know your customer (KYC) information of the prospective customers. Upon completion, the solar hardware is installed, and users can pay for this solar system in monthly installments denominated in BLS. The device runs on BLS tokens which the agent purchases via the OTC market after collecting the monthly dues from each customer. All transactions are recorded in ethereum blockchain and we give clients access to their data, i.e. a credit score. Thus, by combining clean tech, fintech, the blockchain and cloud computing, Bitlumens offers a software as a service (SaaS) to generate power.
Application of Tokens
Bitlumens solar hardware is powered by BLS tokens. Clients can download Biltumens app to activate their solar machins and buy BLS tokens using their digital wallets. In case some of these customers do not have internet access to pay digitally for their Solar Home Systems, BitLumens employs agents who will collect the payments in cash and buy a corresponding amount of BLS tokens from the open market. The tokens are generated by smart contracts on the blockchain that get transferred to run the customer's solar machine.
In case a customer defaults, the tokens are not generated and the machine stops working as it is built on smart contracts on the blockchain that don't execute if there are no tokens purchased. Agents get paid in BLS depending on a commission basis depending on the commitments they received from clients.
Additionally, what is interesting about the use of tokens is that it can be purchased by anyone from the app or the OTC market and sent to the wallet of a customer. A family member can easily pay for the bills of their loved ones by remitting the tokens into their account quickly and seamlessly and at lower costs than other remittance providers.
BLS tokens are ERC20 tokens, formally classified as utility tokens and built on the Ethereum blockchain. The tokens can be exchanged using Ethereum.
The solar hardware has sensors connected through LoRa network which does not need internet, only one internet point is needed to send the data from the gateway to the blockchain. This reduces Bitlumens costs substantially because there is no need to connect multiple points to internet but only one. The data is stored on Ethereum blockchain using hashes and users have the right to use their data. Bitlumens sensors measure power generation, power consumption and indoor carbon content. The benefit of using IoT enabled devices helps track carbon mitigation and the positive environmental impact it provides. In addition, power generation and financial data coming from each household can be accessed by financial entities through BLS tokens and provide users with microloans. The blockchain tokenizes the data and gives transparency and security to all parties in the ecosystem, allowing to promote financial inclusion and energy access.
By creating a decentralized energy system that is environment friendly, Bitlumens is on the verge of having a societal impact. On an individual level, it has the potential to transform the lives of over a billion people in rural areas that are disconnected from modern infrastructural services. Customers will not only get access to electricity, but will be able to have their KYC in place as initiated by Bitlumens agents and more importantly build a credit score through monthly payments of BLS tokens, which can be accessed by banks and MFIs and bring more financial inclusion for the unbanked population.
For more details, visit their website on www.bitlumens.com or write us at email@example.com